Fortune being sold to businessman for $150 million
Meredith Corp. is selling Fortune magazine to Thai businessman Chatchaval Jiaravanon for $150 million in cash, a sale that gives the storied business publication a new owner for the second time this year, reports Jeffrey A. Trachtenberg of The Wall Street Journal.
Trachtenberg writes, “The 88-year-old magazine, which first published months after the 1929 stock-market crash, continues to carry weight with business elites, reflected in the attention paid to rankings such as the Fortune 500, special issues like ‘World’s Most Admired Companies’ and cover profiles of prominent chief executives.
“‘Our vision is to establish Fortune as the world’s leading business media brand,’ Mr. Chatchaval said in a statement provided by Meredith. ‘With further committed investment in technology and brilliant journalism, we believe the outlook for further profitable growth is excellent both for the publication and the events business.’
“Mr. Chatchaval serves on the board of a number of publicly traded companies, including True Corporation Public Co., a Thai telecommunications company.
“Alan Murray, who will continue to serve as Fortune’s president and is adding a new role as chief executive under the new ownership, said Mr. Chatchaval is part of the family that owns Charoen Pokphand Group, a Thai conglomerate.”
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